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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location

Project Name: Wyndsor Downs Address: City: SR 1251, Near Hwy 74 Polkton County: Anson Block Group: 4 Zip: 28135
Census Tract: 9803
Is project in Qualified Census Tract & Difficult to Develop area? No Does a community revitalization plan exist? Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Polkton Last: Martin Title: Mayor 113 West Polk Street Polkton (704)272-7463 Zip: 28135
Jurisdiction CEO Name: First: W. Cliff
Site Latitude: Site Longitude:
34.99908 -80.21582
https://www.nchfa.org/Rental/RTCApp/(4qlrvh55vwitipvaad13yyyd)/site/PrintApp.aspx?I... 1/14/2005
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:
Target Population: Family Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and state codes.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks:
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Pendergrant Development, LLC PO Box 18863 Raleigh First: Marilyn (919)755-0558 State: NC Zip: 27619 Last: Hernandez Title: Development Coordinator
Alt Phone:
(919)861-6028
Fax:
(919)861-6068
Email Address:
mhernandez@thepencos.com
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Site Description
Total Site Acreage: 5 Total Buildable Acreage: 5 If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? Yes If yes, specify the relationship: Frankie W. Pendergraph is the managing member of the Seller (Pendergrant, LLC) and the ownership entity. WE HAVE PURCHASED THE LAND.
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 2/5/2005 (D) Enter Purchase Price: 150,000
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Zoning
Present zoning classification of the site: Residential/Business Is mutifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
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Ownership Entity
Owner Name: Wyndsor Downs, LLC Address: City: PO Box 18863 Raleigh State: NC Zip: 27619 (If assigned) 56-2195925 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Pendergrant Wyndsor Downs, LLC Last Name: Pendergraph Function: Managing Member
First Name: Frankie Address: City: Phone: EMail: PO Box 18863 Raleigh (919)755-0558
State: NC
Zip: 27619
Fax: (919)861-6068 Nonprofit: No TaxID 999-99-9999
fpendergraph@thepencos.com
Org:
Affordable Housing Solutions, Inc Last Name: Taylor Function: Member
First Name: Craig Address: City: Phone: EMail:
195 Edgewood Avenue, NE Atlanta (678)232-0015 craig@cooperativeresourcecenter State: GA Zip: 30303
Fax: (404)521-2355 Nonprofit: Yes TaxID 58-1918805
Org:
Pendergrant Wyndsor Downs, LLC Last Name: Grant Function: Member
First Name: Charles Address: City: Phone: EMail:
5101 Unicon Drive, Suite A Wake Forest (919)556-9073 cgrant@grant-inc.com State: NC Zip: 27857
Fax: (919)556-9389 Nonprofit: No TaxID 999-99-9999
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Unit Mix
The Median Income for Anson county is $45,200. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 2 3 2 3 970 1220 970 1220 Total # Units 16 4 8 4 # Units 3 1 0 0 Monthly Rent 350 395 410 465 Electric Utility Allowance 108 126 108 126 Gas Other Mandatory Serv. Fees **Total Housing Exp. 458 521 518 591
Utilites included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 32 4 12320 32 Gross Monthly Rental Income 12320
Units 4
Proposed number of residential buildings: 4 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,799 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 38,623
Total Net Sq. Ft. (All Heated Areas): 34,570
Notes ** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 2 3 2 3 16 4 8 4
Units targeted at 50 targeted at 50 targeted at 60 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
32
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) 7.75 Term (Years) 30 Amort. Period (Years) 30 Annual Debt Service 22,094
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Town of Polkton Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount 257,000
160,000 68,000
0.00 2.00
30 20
30 20 4,128
687,393
30
30
1,413,550
23,781 143
2,609,867
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 78 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The AHP loan was approved in December of 2003. It is non-interest bearing, with a balloon principal payment at the end of 30 years (no monthly principal or interest payments).
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
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AHP Loan Year: Amt: Year: Amt: 1 0 11 0 2 0 12 0 3 0 13 0 4 0 14 0 5 0 15 0 6 0 16 0 7 0 17 0 8 0 18 0 9 0 19 0 10 0 20 0
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Auditing, carryover, cost certification 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Engineering,Geotech, soils testing AHP Fee 19,800 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 322,800 9,600 288,000 288,000 10,000 16,800 94,795 15,000 15,000 8,722 158,008 25,000 15,500 13,995 13,500 8,500 20,000 9,000 5,140 9,000 6,500 9,000 12,000 9,000 6,500 9,000 8,000 1,137,200 85,000 86,196 30,456 121,824 50,252 45,000 9,335 1,810,663 3,200 17,933 77,513 4,500 4,500 3,200 17,933 77,513 4,500 4,500 1,137,200 85,000 86,196 30,456 121,824 50,252 45,000 9,335 245,400 245,400 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
64,001
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST Comments:
2,459,867
2,291,309
0 2,291,309 100.00% 2,291,309 2,291,309 181,242 194,761 0 150,000 2,609,867 0 100% 0 100.00% 0 0.00% 0 0 2,291,309 100% 2,291,309 100.00% 2,291,309 7.91% 181,242 194,761
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Market Study Information

Please provide a detailed description of the proposed project: Wyndsor Downs is a 32 unit multi-family housing development that will be located near the intersection of Highway 74 and SR 1252 in Polkton. The site is directly adjacent to South Piedmont Community College. All ground floor apartment units will be able to comply with ADA requirements. The exterior will be nearly all brick veneer with high quality vinyl siding and accents. Where applicable, the siding will have a larger exposure on the first floor and a smaller exposure siding on the second floor. A bandboard will divide the two at the second level floor system. The two siding exposures will have color variations between the lower and upper floor. The roof design has a variety of large and small gables. This along with the combination of brick siding, accent trim, decorative rails, and color variations will yield an aesthetically pleasing development. This particular architectural style was chosen because we felt that a two-story design would blend with the community and surrounding homes. We have developed this design on previous developments. The Agency, Town Officials, lenders and our Equity Partners are very pleased with the curb appeal. The interior of the units will have carpet in the living room and bedrooms. VCT will be utilized in the kitchens and baths. All interior doors will be of a six-panel design. The cabinetry will be of solid wood styles and fronts. All units will have washer/dryer hook-ups, dishwashers, patios or balconies, and exterior storage. HVAC will consist of energy efficient heat pumps with an eleven seer rating. All exterior windows and doors, where applicable, will have energy efficient insulated glass. The development will have a separate community/office, with amenities such as, playground, horseshoe pit, shuffleboard, gazebo, exercise room, library, media room, vending area, and a picnic area. The development will be extensively landscaped. The site has all the conveniences of shopping, restaurants, banking, churches, schools, medical facilities, and employment. The majority of new growth in Anson County such as businesses, single family development and state government growth, etc. are taking place in Polkton Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
Front entries are covered breezeways. Patio doors are full view glass providing an abundance of natural lighting into the main living, dining, and kitchen area.
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Morgans Ridge, Wilson, NC Laurel Pointe, Goldsboro, NC Hawthorne Court, Tarboro, NC
Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,799 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Screened Porch Exercise Rm Picnic Area Community Room - Sq Ft: Resident Computer Center TV Rm Onsite Leasing Office Garages - Number: Exam Rm Beauty Salon Onsite Mgr Reading Rm/Library Vending Rm Onsite Maint. Person
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Irrigated Lawns Walking Trails Pool
Security Gate Garden Spots Fitness Stations
Car Care Area Basketball/Tennis Court Horseshoe Pit
Storage Units Playground Shuffleboard
Gazebos Ball Field Covered Drive Thru
Onsite Activities: Although a service package is not required on a family development, we will have various on site activities such as holiday events, social gatherings, newsletters and recreational activities. Also, because Wyndsor Downs received an AHP Grant, all social services required by that program will be offered.
Landscaping Plans: The property will be extensively landscaped exceeding the require per units costs. Sod and irrigation will be installed in high visibility areas. The site amenities will be strategically located with borders throughout the property and will be handicap accessible. The site will have attractive signage, lighting and landscaping. Trees will be a minumum of 2" calibar and all shrubs will be 3 gallon or larger. White vinyl fencing will be installed around dumpsters with plant bed.
Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other VCT Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). Concentration of affordable housing. The proposed site is located on Horne Town Road near its intersection with Highway 74 in Polkton. The site is directly across Horne Town Road from the South Piedmont Community College. The physical condition of the college is excellent. The neighborhood also consists of Whitaker Applied Technologies Center (part of the college), Anson Childrens Center and scattered single-family homes; all of which are in good physical condition. Whitaker Applied Technologies Center located on Horne Town Road is a part of South Piedmont Community College where they teach vocations including how to repair automobiles and machinery. The site is located on the west side of Polkton and development in the Town is moving in that direction. Although Polkton is a small town, it is growing and its economic health is increasing due to the new State prison, located 1.8 miles from the site. The new prison will create 500 new jobs. The existing prison will remain and employs approximately 450 middle class workers. A new hospital, affiliated with the prison, is also being planned. There are significant employment opportunities at these facilities but there simply is no place for the workers to live in Polkton. Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Polkton is located on Highway 74 which connects Rockingham to Wadesboro and Monroe and continues to Charlotte. The areas on and off of Highway 74 in Polkton include downtown Polkton, the community college, single family homes, various gas stations and convenience stores, a few restaurants, and recreational areas/ball fields. There is one affordable multifamily development in Polkton and it tagets an elderly population. The site is located just off of Highway 74 on Horne Town Road next to the South Piedmont Community College. The site is directly across Horne Town Road from the college and less than 1.8 miles from the new and existing State prisons. Downtown Polkton is approximately one mile from the site. The police department, fire department, First 1 Bank, the post office and Town offices are all located downtown. The elementary school is located just down Highway 74 West in Polkton. There are two parks within a few miles of the site. The Polkton Swimming Pool contains a public swimming pool and volleyball court. The Field of Dreams Complex contains several ball fields and is the home to many little league tournaments. The Pee Dee National Wildlife Refuge is less than 5 miles from the site. Wadesboro, the County seat of Anson County, is located just down Highway 74 from the site. The closest retail center in Wadesboro is Anson Station which has many stores. Food Lion, IGA, WalMart, Moore Department Store, Cato Fashion, Dollar General, Family Dollar and CVS Pharmacy are all less than 7 minutes (7 miles) from the site. The Anson Community Hospital is also less than 7 miles from the site. The West Anson Medical Center is only 0.3 miles from the site. There are no incompatible uses or on-site or off-site negative features that would impede construction or adversly affect future tenants. SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights, stop signs, turning lanes). Access to mass transit (if applicable). The streets and access roads are adequate to support the proposed development and have the necessary traffic controls to provide for safe travel. Highway 74 is a four-lane highway with turn lanes. The proposed development will be directly serviced by Horne Town Road which is a secondary road.
Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards,
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steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. For adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition. There are no on-site negative features and physical barriers that will impede construction or adversely affect tenants. The older home that is located on the site will be removed prior to construction start. The site slopes from one end to the other but will be able to be balanced during the grading process. The site is the best location in Polkton for a multifamily housing development.
Similarity of scale and aesthetics/architecture between project and surroundings. The proposed development will be aesthetically and architecturally consistent with the surrounding neighborhood. The community college next door contains several attractive buildings which have multiple stories. The proposed project will be a nice addition to the neighborhood.
For each applicable neighborhood feature, enter distance from project in miles. .5 7 0.1 .5 0.1 .5 .6 .5 .5 .6 0.1 .5 5 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools .5 7 7 .3 .3 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop .6 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .5 .5 7 .5 1 1
Other facilities or services: South Piedmont Community College is adjacent to the site and downtown Polkton is less than 1 mile from the site. The Town of Wadesboro is 7 miles away. There are significant employment opportunities at the new and existing prisons less than 2 miles from the site.
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Development Team
Provide contact information for development team members below: Management Agent Company: Pendergraph Management, LLC Address: City: Phone PO Box 19691 Raleigh (919)755-0558 State: NC Zip: 27619 Email: fpendergraph@thepencos.com Last: Pendergraph
Contact Name: First: Frankie
Architect Company: Address: City: Phone
Planworx Architecture, PA 5711 Six Forks Road Raleigh (919)755-0558 State: NC Zip: 27609 Email: mmills@planworx.com Last: Mills
Contact Name: First: Marc
Attorney Company: Address: City: Phone
Parker Poe Adams & Bernstein, LLP PO Box 389 Raleigh (919)828-0564 State: NC Zip: 27602 Email: jeffbandini@parkerpoe.com Last: Bandini
Contact Name: First: Jeff
Investor Company: Address: City: Phone
Raymond James 880 Carillon Parkway St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: cdescalzi@rjtcf.rjf.com Last: Descalzi
Contact Name: First: Craig
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: To be determined Address: City: Phone TBD TBD (999)999-9999 State: NC Zip: 99999 Email: Last:
Contact Name: First:
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Project Team Experience

Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 11 482 3 160
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 37 1,578 6 640
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or state agency? No Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? No Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? Yes Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover agreement has been signed? No Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or received a letter of non-compliance from the Agency? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ 160,000 Yes Yes No Yes Yes
If Other, specify the type of Federal subsidy: AHP Grant to be loaned by the non-profit
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits
1,500 9,000 600 0 12,415 0 0 500 3,000 0 900 0 0 27,915 0 4,000 1,920 0 1,920 7,840 600 0 0 768 0 3,456 0 0 0 7,200 10,000 750 750 0 750 0 0 6,900 0 0 0 31,174 17,375 1,710 0
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Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
4,750 65 551 0 0 24,451 1,500 700 200 0 2,400 8,000 8,000 101,780 74,005 32 2,312
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): Laundry, Vending, Interest, and Tenant Charges Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15) 2,957 150,797 10,555 140,242 147,840
101,780 38,462
26,222
12,240 1.467
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 140,242 101,780 26,222 12,240 1.467 11 188,471 150,659 26,222 11,590 1.442 2 144,449 105,851 26,222 12,376 1.472 12 194,125 156,685 26,222 11,218 1.428 3 148,782 110,085 26,222 12,475 1.476 13 199,949 162,952 26,222 10,775 1.411 4 153,245 114,488 26,222 12,535 1.478 14 205,947 169,470 26,222 10,255 1.391 5 157,842 119,068 26,222 12,552 1.479 15 212,125 176,249 26,222 9,654 1.368 6 162,577 123,831 26,222 12,524 1.478 16 218,489 183,299 26,222 8,968 1.342 7 167,454 128,784 26,222 12,448 1.475 17 225,044 190,631 26,222 8,191 1.312 8 172,478 133,935 26,222 12,321 1.47 18 231,795 198,256 26,222 7,317 1.279 9 177,652 139,292 26,222 12,138 1.463 19 238,749 206,186 26,222 6,341 1.242 10 182,982 144,864 26,222 11,896 1.454 20 245,911 214,433 26,222 5,256 1.2
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION BLOCK PERIMETER, GRAVEL BASE, CONCRETE SLAB Make: SIMONTON/EQUAL Type/Construction: VINYL CLAD Exterior Doors Siding Type: METAL SIX PANEL Type: VINYL Warranty: LIMITED LIFETIME Exterior Trim Shingles WOOD Type: FIBERGLASS Warranty: 25+ YEARS ANTIFUNGAL Sprinkler System Cabinets Heat Pump N/A MERIALLAT/HORIZON/EQUAL/SOLID WOOD STYLES AND FRONTS SEER: 11 Model: CPKJ24 Air Conditioner SEER: N/A Model: Other Heat Systems SEER: N/A Model: Make: Make: Make: GOODMAN/EQUAL Weight: 226-231 Frames: WOOD Grade/Thickness: .044MIL Model: PROFINISH
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings LABOR 18,000 21,000 11,000 2,000 13,400 15,000 0 24,000 0 2,000 0 0 9,500 0 20,000 6,000 7,800 35,206 0 14,000 7,000 18,000 0 26,000 29,800 32,000 15,000 0 300 12,000 5,200 0 0 0 0 0 0 0 MATERIAL 8,000 16,000 14,500 1,800 21,000 48,000 0 65,000 52,000 0 16,000 27,000 20,000 0 40,000 8,000 24,000 56,855 32,000 18,900 34,000 8,000 0 34,000 29,800 32,000 32,000 0 200 31,000 7,800 22,750 0 0 0 0 0 0 TOTAL 26,000 37,000 25,500 3,800 34,400 63,000 0 89,000 52,000 2,000 16,000 27,000 29,500 0 60,000 14,000 31,800 92,061 32,000 32,900 41,000 26,000 0 60,000 59,600 64,000 47,000 0 500 43,000 13,000 22,750 0 0 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks:
3,375 4,600 0 4,000 14,000 9,000 0 0 379,181
3,375 6,000 33,000 8,000 2,039 5,000 0 0 758,019
6,750 10,600 33,000 12,000 16,039 14,000 0 0 1,137,200
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: TOTAL 22,000 2,000 2,000 0 8,000 3,200 2,500 0 15,000 1,090 1,850 8,000 456 1,600 14,000 4,500 0 0 86,196
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: Other: this is the amount from line 39 of the original app. TOTAL 16,000 21,000 0 14,000 2,500 0 0 5,000 18,600 35,000 26,000 18,400 4,000 4,000 5,000 0 32,000 2,900 10,000 31,000 245,400
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Costs - Bond Costs

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: TOTAL 0 0 0 0 0 0 0
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Costs - Bond Issuance

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Issuer's Fee Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: TOTAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Letters from Local Utility Providers (original on letterhead, no fax or photocopies) I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.

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Print Preview - Final Application

Project Name and Location

Census Tract: 9803

Jurisdiction CEO Name: First: W. Cliff

Site Latitude: Site Longitude:

Is the demolition of any buildings required or planned? No If yes, please describe:

Fax: (919)861-6068 Nonprofit: No TaxID 999-99-9999

Affordable Housing Solutions, Inc Last Name: Taylor Function: Member

First Name: Craig Address: City: Phone: EMail:

195 Edgewood Avenue, NE Atlanta (678)232-0015 craig@cooperativeresourcecenter State: GA Zip: 30303

Fax: (404)521-2355 Nonprofit: Yes TaxID 58-1918805

Pendergrant Wyndsor Downs, LLC Last Name: Grant Function: Member

First Name: Charles Address: City: Phone: EMail:

Fax: (919)556-9389 Nonprofit: No TaxID 999-99-9999

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 4 Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 34,570

Units targeted at 50 targeted at 50 targeted at 60 targeted at 60

Total Low Income Units:

AHP Loan Year: Amt: Year: Amt: 1 0 11 0 2 0 12 0 3 0 13 0 4 0 14 0 5 0 15 0 6 0 16 0 7 0 17 0 8 0 18 0 9 0 19 0 10 0 20 0

45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Irrigated Lawns Walking Trails Pool

Security Gate Garden Spots Fitness Stations

Car Care Area Basketball/Tennis Court Horseshoe Pit

Storage Units Playground Shuffleboard

Gazebos Ball Field Covered Drive Thru

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: Frankie

Architect Company: Address: City: Phone

Contact Name: First: Marc

Attorney Company: Address: City: Phone

Contact Name: First: Jeff

Investor Company: Address: City: Phone

Contact Name: First: Craig

Contact Name: First:

Project Team Experience

Projected Operating Costs

Projected Cash Flow Year One

20-Year Cash Flow

3,375 4,600 0 4,000 14,000 9,000 0 0 379,181

3,375 6,000 33,000 8,000 2,039 5,000 0 0 758,019

6,750 10,600 33,000 12,000 16,039 14,000 0 0 1,137,200

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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